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What Are My Choices?
Your Situation May Be Different!
The HECM is the most popular of all Reverse Mortgage Programs, it is a Federally insured loan and, therefore, gives added comfort & security to senior clients. Click here to learn the basics of a reverse mortgage. The HECM is the not only the most popular, but the oldest loan product. The HECM accounts for 95% of all Reverse Mortgages made. The HECM often provides quite a bit more cash than the other programs and provide you with the most flexibility to receive cash. You can get up to 5 (five) choices to receive HECM payments. The terms can even be changed after your loan closes. All rates charged are either monthly or annually. However, be assured the adjustments do not alter the monthly payments that you receive, if you chose the monthly payments option. Once the interest rate adjustment period is established, at the loan closing, it will not change.
There is also a fixed rate HECM reverse mortgage program available.
A partial repayment may be made without penalty. If the repayment is made in full, the loan agreement is terminated. All HECM loans require counseling by an outside HUD approved agency. The session is required and is very helpful to determine if a reverse mortgage is right for you. No expense of any kind is incurred until the counseling session is completed. We cannot proceed with any processing of your reverse mortgage until we receive the signed counseling certificate. After receiving the certificate, an appraisal is then completed. Beginning January 1, 2009 the HECM became available for home purchase. Talk to Harry Gordon for the complete details (800) 486-8786 extension 709.
Jumbo Reverse Mortgages
- Virtually no maximum home value or limit
- Lifetime interest rate cap
- No equity sharing or appreciation sharing and no maturity fee
- Proceeds/Advances are not taxable
- Loan is non-recourse to the borrower
- Servicing fee is automatically financed on the account monthly
- Most home types are eligible
- Counseling is done independently
- Designed for homes valued over $750,000
Most Jumbo Reverse Mortgages allowed the borrower to limit the loan obligation to a stated percentage of the full market value of the home, resulting in the amount of the loan or line of credit being less than the amount for which the borrower qualifies, which protect a minimum or 10% and a maximum of 50%. This assures greater flexibility that a percentage of the equity remaining will go to benefit the borrower or their heirs upon maturity.
We recommend you always consult with your accountant, financial advisor, attorney, estate planner or trusted friends before proceeding with any investment or expenditure.
Currently this plan has been temporarily suspended due to conditions in the capital markets.
